Aluminum and metal prices drops  due to Omicron

2021-12-02T17:29:54
Aluminum copper nickel
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Aluminum and metal prices drops  due to Omicron

Aluminum and metal prices drops  due to Omicron: Aluminum prices fell in London on Thursday, weighed by concerns over the potential economic impact of the new coronavirus variant,
Omicron, but lower inventories mitigated losses. 

Topics:

Aluminum falls on the London Stock Exchange and the Shanghai Stock Exchange

Mutated Omicron

 Low stocks of the London Metal Exchange.

The price of aluminum rose

The basic elements

A decline in copper and nickel prices

Aluminum falls on the London Stock Exchange and the Shanghai Stock Exchange

Aluminum on the London Metal Exchange CMAL3 lost 0.2% to $ 2,659 a ton for three months, while the most traded aluminum contract  on the Shanghai Futures Exchange SAFcv1 in January fell 0.6% to 18,885 yuan ($ 2,965.14) ) per ton fell.

Mutated Omicron

Heavy mutated Omicron is quickly becoming the dominant variant of the coronavirus in South Africa less than four weeks after it was first detected there,
while the United States on Wednesday became the latest country to learn of a case of Omicron within its borders. In addition to 20 countries, the new mutant was found inside.

Low stocks of the London Metal Exchange

However, a drop in LME stocks MALSTX-TOTAL to 893,775 tons supported aluminum prices, the lowest since September 2007 down 55% from March.
Exchange data showed that most of the minerals left deposits in Malaysia recently.

The price of aluminum rose

One aluminum trader said, “The LME’s decline was driven by demand – some moved to China, some moved to the West.

All parts of the demand improved, except maybe building property in China only.

The premium for cash aluminum on the London Metal Exchange on the three-month contract, MAL0-3, rose to $16.30 a ton, indicating tight supplies nearby.

 

The basic elements

The CEO of Codelco, the largest copper producer, expects copper prices to fall by 12% within a year,
as supply will outpace demand until 2024, when the rise in electric vehicle consumption matches production. 

  China’s Zhejiang Huayou Cobalt said its Huayue high pressure nickel-cobalt refining project in Indonesia has produced the first batch of production for use in electric vehicles.

 

A decline in copper and nickel prices

LME CMCU3 copper slid 0.1% to $9,437 per ton, CMNI3 nickel dipped 0.1% to $1,935 per ton,
and CMPB3 Lead was down 0.6% to $2,288.50 per ton.

  ShFE copper SCFcv1 fell 0.6% to 69,070 yuan per ton, and SNIcv1 zinc fell 0.9% to 147,590 yuan per ton.

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